Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Stock Code：200771 Stock ID: Hangqilun B Announcement No.:2021-36
Hangzhou Steam Turbine Co., Ltd.
The First Quarterly Report 2021(Full text)
(Stock Code：200771 )
April 2021
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
I. Important Prompt
The Board of Directors, The Supervisory Committee, the supervisors and the directors of the Company guarantee
that there are no significant omissions, fictitious or misleading statements carried in the Report and we will accept
individual and joint responsibilities for the truthfulness, accuracy and completeness of the Report.
All of the directors presented the board meeting at which this Quarterly Report was examined.
Chairman Mr. Zheng Bin, Chief Financial Officer Mr.Zhao Jiamao, and the Chief of Accounting Department Mr.
Jin Can hereby declare: the Financial Statement in the report is guaranteed to be truthful and complete.
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
II. Basic information about the company
I. Main financial data and indices
Indicate by tick mark whether the Company needs to retroactively restate any of its accounting data.
□ Yes √ No
Same period of last Changes of this period over same
This period
year period of last year（％）
Operating income（Yuan） 1,181,683,010.42 697,880,677.71 69.32%
Net profit attributable to the shareholders of the listed
161,578,759.88 -15,519,633.02 1,141.12%
company（Yuan）
Net profit after deducting of non-recurring gain/loss
54,440,724.84 -22,412,384.48 342.90%
attributable to the shareholders of listed company（Yuan）
Cash flow generated by business operation, net（Yuan） 157,547,348.48 150,122,015.81 4.95%
Basic earning per share(Yuan/Share) 0.22 -0.02 1,200.00%
Diluted gains per share(Yuan/Share) 0.22 -0.02 1,200.00%
Weighted average return on equity（%） 1.92% -0.24% 2.16%
Changes of this period-end over
End of this period End of last period
same period-end of last year(%)
Gross assets（Yuan） 16,389,503,692.97 15,392,653,924.41 6.48%
Net assets attributable to the shareholders of the listed
8,721,283,524.73 8,104,788,941.36 7.61%
company（Yuan）
Items and amount of non-current gains and losses
√ Applicable □ Not applicable
In RMB
Amount from year-begin to
Items Notes
period -end
Non-current asset disposal gain/loss(including the write-off part for
-59,619.39
which assets impairment provision is made)
Tax refund, deduction and exemption that is examined and approved by
0.00
authority exceeding or has no official approval document.
Governmental Subsidy accounted as current gain/loss, except for those
subsidies at with amount or quantity fixed by the national government 1,450,067.44
and closely related to the Company’s business operation.
Capital occupation charges on non-financial enterprises that are recorded
0.00
into current gains and losses
Gains due to that the investment costs for the Company to obtain
0.00
subsidiaries, associates and joint ventures are lower than the enjoyable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
fair value of the identifiable net assets of the investees when making the
investments
Gain/loss on non-monetary asset swap 0.00
Gain/loss on entrusting others with investments or asset management 0.00
Asset impairment provisions due acts of God such as natural disasters 0.00
Gains/losses of debt restructure 0.00
Reorganization expenses, such as expenditure for allocation of employees
0.00
and integration fee
Gains/losses exceeding the fair value arising from transactions with
0.00
obviously unfair prices
Net gain and loss of the subsidiary under the common control and
produced from enterprise consolidation from the beginning of the period 0.00
to the consolidation date
Gain and loss arising from contingent matters irrelevant with the
0.00
Company’s normal operation business
Gain and loss from change of the fair value arising from transactional
monetary assets, transactional financial liabilities as held as well as the
investment income arising from disposal of the transactional monetary
9,052,164.94
assets, transactional financial liabilities and financial assets available for
sale excluding the effective hedging transaction in connection with the
Company’s normal business
Reverse of the provision for impairment of accounts receivable
0.00
undergoing impairment test individually
Gain/loss from external entrusted loan 0.00
Gain and loss arising from change in the fair value of the investment
0.00
based real estate measure afterwards by means of fair value model
Influence upon the current gains and losses from the once-and –for –all
adjustment over the current gains and losses according to the taxation and 0.00
accounting laws and regulations
Income from custodian charge obtained from entrusted operation 0.00
Operating income and expenses other than the aforesaid items 116,605,143.21
Less: Influenced amount of income tax 19,502,579.61
Amount of influence of minority interests（After tax） 407,141.55
Total 107,138,035.04 --
For the Company’s non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on
information disclosure for Compaines Offering their Securities to the Public-Non-recurring Gains and Losses and
its non-recurring gain/loss items as illustrated in the Explanatory Announcement No.1 on information Disclosure
for Companies offering their securities to the public-non-recurring Gains and losses which have been defined as
recurring gains and losses, it is necessary to explain the reason.
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
None of Non-recurring gain /loss items recorgnized as recurring gain /loss/items as defined by the information
disclosure explanatory Announcement No.1- Non –recurring gain/loss in the report period.
II. Total number of shareholders at the period-end and shareholdings of top 10 shareholders
1. About Total Common Shareholders, Total Preference Shareholders with the Voting Power Recovered
and the Shares Held by Top Ten Common Shareholders
In shares
Total number of common shareholders Total preference shareholders with the voting power recovered at the
11422 0
at the period-end end of the reporting period(if any)
Shares held by the top 10 shareholders
Amount of Pledging or freezing
Share tradable shares
Properties of
Shareholder name proporti Quantity with Status of
shareholder Quantity
on % Conditional the shares
held
State-owned
Hangzhou Steam Turbine Power Group Co., Ltd. 63.64% 479,824,800 479,824,800
legal person
VANGUARD TOTAL INTERNATIONAL STOCK Foreign legal
0.71% 5,365,877 0
INDEX FUND person
State-owned
China Merchants Securities(HK)Co., Ltd. 0.60% 4,500,630 0
legal person
Domestic
Zhou Jie 0.58% 4,341,100 0
Natural person
VANGUARD EMERGING MARKETS STOCK INDEX Foreign legal
0.55% 4,122,282 0
FUND person
GUOTAI JUNAN SECURITIES(HONGKONG) Foreign legal
0.54% 4,053,180 0
LIMITED person
Foreign legal
ISHARES CORE MSCI EMERGING MARKETS ETF 0.47% 3,555,928 0
person
Foreign legal
NORGES BANK 0.33% 2,514,529 0
person
Domestic
Xia Zulin 0.31% 2,320,000 0
Natural person
Domestic
Gu Yang 0.20% 1,504,552 0
Natural person
Shares held by the Top 10 Shareholders of Non-restricted shares
Number of the Share type
Shareholders’ Names
non-restricted shares held Share type Quantity
Foreign shares placed
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND 5,365,877 5,365,877
in domestic exchange
China Merchants Securities(HK)Co., Ltd. 4,500,630 Foreign shares placed 4,500,630
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
in domestic exchange
Foreign shares placed
Zhou Jie 4,341,100 4,341,100
in domestic exchange
Foreign shares placed
VANGUARD EMERGING MARKETS STOCK INDEX FUND 4,122,282 4,122,282
in domestic exchange
Foreign shares placed
GUOTAI JUNAN SECURITIES(HONGKONG) LIMITED 4,053,180 4,053,180
in domestic exchange
Foreign shares placed
ISHARES CORE MSCI EMERGING MARKETS ETF 3,555,928 3,555,928
in domestic exchange
Foreign shares placed
NORGES BANK 2,514,529 2,514,529
in domestic exchange
Foreign shares placed
Xia Zulin 2,320,000 2,320,000
in domestic exchange
Foreign shares placed
Gu Yang 1,504,552 1,504,552
in domestic exchange
Foreign shares placed
Wang Yihu 1,503,966 1,503,966
in domestic exchange
(1)It is unknown to the Company if there is any relationship
among the top 10 common share holders without restriction. (2)
Explanation on associated relationship or concerted action of the above Other Shareholders. is not an action-in-concert” party with any of
shareholders other shareholders as described by the “Administration Rules of
Informational Disclosure about Change of Shareholding Statues of
PLCs”.
Note to the top 10 common stockholders involved in margin financing &
Not applicable
securities lending (If any)
Whether top ten common shareholders or top ten common shareholders with un-restrict shares held have a
buy-back agreement dealing in reporting period.
□ Yes √ No
The top ten common shareholders or top ten common shareholders with un-restrict shares held of the Company
have no buy –back agreement dealing in reporting period.
2.Total number of preferred shareholders and shareholding of top 10 preferred shareholders by the end of the
report period
□ Applicable √ Not applicable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
III. Significant Events
I. Changes in the principal accounting statement items and financial indications and the causes
√ Applicable □ Not applicable
In RMB 10,000
Liabilities and Beginning of Scale of change Remarks on the change
End of term
Owner's equity term
Mainly due to the purchase of 688 million yuan of convertible
Monetary fund 118,543.00 182,948.12 -35.20%
bonds of Bank of Hangzhou in the current period.
Transactional
169,928.34 102,168.18 66.32% The same as above
financial assets
Mainly due to the Zhongrun Company-invested by Turbine
Long term share Company-is included in the scope of consolidation in the
1,145.61 2,335.54 -50.95%
equity investment current period, and the long-term equity investment is
combined to offset.
Employees’ wage Mainly due to the year-end bonus accrued at the end of the
5,760.92 11,640.02 -50.51%
payable previous period is distributed in the current period.
Mainly because of the suspension of the Huoqiu project in
Other account 2019, the original received pre-payment of 34 million were
3,916.08 7,521.26 -47.93%
payable temporarily transferred to other payables. However as the
judgment result was clear, it’s reversed.
Items Same period of Scale of change
This period Remarks on the change
last year
Business income Mainly due to the sales in the same period last year were
affected by the "new coronavirus " epidemic, and the business
118,168.30 69,788.07 69.32%
situation in the current period has basically recovered and the
sales revenue has increased significantly YOY.
Business costs Mainly due to the increase in sales revenue, thus led to the
83,348.02 49,775.21 67.45%
increase in costs.
Business taxes and Mainly due to the increase in value-added tax payable in the
631.30 264.53 138.65%
surcharges current period.
Mainly due to the impact of the "new coronavirus " epidemic in
the same period last year, travel expenses, hospitality expenses,
Sale expenses 4,456.76 3,434.60 29.76% and merchandise transportation expenses had dropped
significantly, however in the current period those have
basically recovered.
Mainly due to the increase in R&D investment in the current
R & D Costs 9,033.51 5,651.63 59.84%
period.
Mainly because interest income fell YOY, and net foreign
Financial expenses -40.79 -1,594.06 97.44%
exchange gains also fell YOY.
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Mainly due to the delay in the return of the warranty money due
Impairment losses
1,785.75 827.16 115.89% to the impact of the "new coronavirus” epidemic in the same
on assets
period last year.
Loss of credit Mainly due to the delay in payment collection due to the impact
-3,833.94 -6,752.20 43.22%
impairment of the "new coronavirus" epidemic in the same period last year.
Investment income 259.00 845.97 -69.38% Mainly due to confirm the loss of subsidiary equity investment.
Mainly due to the increase in other income recognized by
Other income 683.00 114.59 496.04%
relocation expenses during the current period
Mainly due to the termination of the gas turbine contract for the
Non-Operating Huoqiu project with Sinosteel Equipment Co., Ltd under the
11,789.53 257.49 4478.64%
income mediation of the court, and gained the compensation for losses
of 109 million yuan.
Mainly due to the YOY increase in sales gross profit and
Total of profit 20,763.10 -1,857.24 1217.95% gained 109 million yuan of compensation for losses from
Sinosteel Equipment Co., Ltd.
Items Same period of Scale of change
This period Remarks on the change
last year
Net cash flow
Mainly due to the purchase of 688 million yuan of convertible
generated by -78,044.44 -10,013.41 -679.40%
bonds of Bank of Hangzhou in the current period.
investment
Net cash flow
Mainly due to the repurchase of treasury stocks in the same
generated by -2,310.25 -4,718.06 51.03%
period last year.
Financing
II. Progress of Significant Events, their Influences and Analytical Notice on the Solutions
√ Applicable □ Not applicable
On March 29, 2021, the Company subscribed for 6,875,720 bank of Hangzhou convertible bonds through the
trading system, with a unit price of 100 yuan/bond and the subscription amount of 687,572,000 yuan. On April 2,
2021, Bank of Hangzhou disclosed the "Announcement on the Results of Public Issuance of Convertible
Corporate Bonds", the Company's subscription amount was fully allotted, and the Company held 6,875,720 Bank
of Hangzhou convertible bonds.
Date of disclosing Description of the website for disclosing
Description of provisional announcement
Provisional announcement Provisional announcement
Announcement on the progress of subscribing to the （http://www.cninfo.com.cn）（Announcement
April 6,2021
convertible bonds of Bank of Hangzhou No.:2021-09）
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the reduction of the repurchased shares by means of centralized bidding
□ Applicable √ Not applicable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
III. Commitments finished in implementation by the Company, shareholders, actual controller, acquirer,
directors, supervisors, senior executives or other related parties in the reporting period and commitments
unfinished in implementation at the end of the reporting period
□ Applicable √ Not applicable
The company has no commitments completed in period and those without completed till lend of the period from
actual controller, shareholders, related parties, purchaser and companies.
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
IV. Financial asset investment
1. Investment in securities
√ Applicable □ Not applicable
In RMB
Sale
Book value Gain/loss Book value
Mode of Changes in fair Cumulative fair Purchase amount
Security Security Stock Initial balance at the of the balance at the Accounting Sauce of the
accounting value of the value changes in amount in the in the
category code Abbreviation: investment cost beginning of the reporting end of the items shares
measurement this period equity this period this
reporting period period reporting period
period
Domestic Other equity
Bank of
and foreign 600926 390,954,040.00 FVM 4,056,378,073.52 535,594,155.82 4,201,018,189.34 4,591,972,229.34 Instrument Self funds
Hangzhou
stocks investment
Domestic Transactional
Debt
and foreign 000912 LUTIANHUA 2,869,219.80 FVM 1,681,809.34 29,579.62 -1,157,830.84 29,579.62 1,711,388.96 Financial
restructuring
stocks Assets
Transactional
Convertible
110079 HBCB 687,572,000.00 FVM 0.00 0.00 0.00 687,572,000.00 0.00 687,572,000.00 Financial Self funds
bond
Assets
Total 1,081,395,259.80 -- 4,058,059,882.86 535,623,735.44 4,199,860,358.50 687,572,000.00 0.00 29,579.62 5,281,255,618.30 -- --
Disclosure Date of Announcement
on Securities Investment Approved
by the Board of Directors
Disclosure Date of Announcement
on Securities Investment Approved
by the Shareholders Meeting(If any)
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
2.Investment in derivatives
□ Applicable √Not applicable
There is no derivative investment during the report period.
V. Progress of investment projects with raised funds
□ Applicable √Not applicable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
VI. Prediction of the performances from January to June 2021
Estimation on accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation on reason
□ Applicable √Not applicable
VII. Major contracts for daily operations
□ Applicable √ Not applicable
VIII. Entrusted Financial Management
√ Applicable □ Not applicable
In RMB10,000
Type Source Amount Unexpired balance Overdue amount
Bank financing product Idle own funds 152,000 101,000 0
Total 152,000 101,000 0
Specific Circumstance of Trust Investment which is large in single amount, low in security, poor in liquidity or
unguaranteed in high risk
□ Applicable √ Not applicable
Entrust financial expected to be unable to recover the principal or impairment might be occurred
□ Applicable √ Not applicable
IX. External guarantee get out of line
□ Applicable √Not applicable
The Company has no external guarantee get out of the line in the Period
X. Controlling shareholder and its related parties occupying non-business capital of the listed company
□ Applicable √Not applicable
There are no controlling shareholder and its related parties occupying non-business capital of the listed company
in Period
XI. The registration form of acceptance of investigation, communication and interview in the report period
for future reference
□ Applicable √Not applicable
No such cases in the reporting period.
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
IV. Financial Statement
I. Financial statement
1. Consolidated balance sheet
Prepared by:：Hangzhou Steam Turbine Co., Ltd.
In RMB
Items March 31,2021 December 31,2020
Current asset：
Monetary fund 1,185,430,028.03 1,829,481,187.49
Settlement provision
Outgoing call loan
Transactional financial assets 1,699,283,388.96 1,021,681,809.34
Derivative financial assets
Notes receivable 140,746,095.51 118,107,076.67
Account receivable 1,753,600,622.07 1,618,798,305.46
Financing receivable 859,522,475.00 774,663,468.76
Prepayments 599,525,289.56 577,604,707.85
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance contracts receivable
Other account receivable 67,706,738.10 64,392,157.13
Including：Interest receivable
Dividend receivable 43,605,292.60 43,605,292.60
Repurchasing of financial assets
Inventories 2,187,263,026.15 2,171,753,113.46
Contract assets 503,293,356.00 486,569,325.17
Assets held for sales
Non-current asset due within 1 year
Other current asset 48,438,598.49 48,964,817.02
Total of current assets 9,044,809,617.87 8,712,015,968.35
Non-current assets：
Loans and payment on other’s behalf disbursed
Creditor's Investment
Other Creditor's Investment
Long-term receivable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Long term share equity investment 11,456,132.77 23,355,441.61
Other equity instruments investment 4,591,972,229.34 4,056,378,073.52
Other non-current financial assets 18,376,081.45 18,376,081.45
Property investment
Fixed assets 1,084,541,442.49 1,094,505,770.45
Construction in progress 949,156,075.51 804,921,709.95
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 276,128,132.79 273,812,314.29
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 413,063,980.75 409,288,564.79
Other non-current asset
Total of non-current assets 7,344,694,075.10 6,680,637,956.06
Total of assets 16,389,503,692.97 15,392,653,924.41
Current liabilities
Short-term loans 197,500,000.00 216,722,803.41
Loan from Central Bank
Borrowing funds
Transactional financial liabilities
Derivative financial liabilities
Notes payable 264,116,133.04 230,724,303.75
Account payable 1,273,489,172.74 1,207,797,820.78
Advance receipts
Contract liabilities 3,162,273,061.47 2,871,186,991.05
Selling of repurchased financial assets
Deposit taking and interbank deposit
Entrusted trading of securities
Entrusted selling of securities
Employees’ wage payable 57,609,247.91 116,400,157.12
Tax payable 254,108,529.60 281,909,641.60
Other account payable 39,160,786.37 75,212,591.46
Including：Interest payable
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Dividend payable
Fees and commissions payable
Reinsurance fee payable
Liabilities held for sales
Non-current liability due within 1 year 1,000,000.00 1,001,088.89
Other current liability 407,933,224.93 374,106,541.36
Total of current liability 5,657,190,156.06 5,375,061,939.42
Non-current liabilities：
Reserve fund for insurance contracts
Long-term loan 21,600,000.00 21,623,520.00
Bond payable
Including：preferred stock
Sustainable debt
Lease liability
Long-term payable 400,828,751.82 405,872,616.77
Long-term remuneration payable to staff
Expected liabilities
Deferred income 489,416,290.74 489,416,290.74
Deferred income tax liability 630,879,402.36 550,540,278.99
Other non-current liabilities
Total non-current liabilities 1,542,724,444.92 1,467,452,706.50
Total of liability 7,199,914,600.98 6,842,514,645.92
Owners’ equity
Share capital 754,010,400.00 754,010,400.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 153,617,619.65 153,617,619.65
Less：Shares in stock 144,078,948.09 144,078,948.09
Other comprehensive income 3,570,217,419.29 3,114,962,386.84
Special reserve 17,360,426.31 17,699,635.27
Surplus reserves 621,112,807.78 621,112,807.78
Common risk provision
Retained profit 3,749,043,799.79 3,587,465,039.91
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Total of owner’s equity belong to the parent company 8,721,283,524.73 8,104,788,941.36
Minority shareholders’ equity 468,305,567.26 445,350,337.13
Total of owners’ equity 9,189,589,091.99 8,550,139,278.49
Total of liabilities and owners’ equity 16,389,503,692.97 15,392,653,924.41
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
2.Parent Company Balance Sheet
In RMB
Items March 31,2021 December 31,2020
Current asset：
Monetary fund 672,124,395.33 1,068,802,728.63
Transactional financial assets 1,389,283,388.96 901,681,809.34
Derivative financial assets
Notes receivable 78,975,400.00 2,386,000.00
Account receivable 1,233,324,781.52
1,335,090,452.18
Financing receivable 524,000,823.79 560,214,105.19
Prepayments 470,436,558.48 435,233,928.27
Other account receivable 50,700,217.73 52,338,992.66
Including：Interest receivable
Dividend receivable 43,605,292.60 43,605,292.60
Inventories 1,563,688,310.81 1,504,591,192.03
Contract assets 333,030,915.00 298,440,051.27
Assets held for sales
Non-current asset due within 1 year
Other current asset -697,157.29
Total of current assets 6,416,633,304.99 6,057,013,588.91
Non-current assets：
Creditor's right investment
Other Creditor's right investment
Long-term receivable
Long term share equity investment 977,648,454.39 925,188,454.39
Other equity instruments investment 4,591,972,229.34 4,056,378,073.52
Other non-current financial assets 18,227,489.14 18,227,489.14
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Property investment
Fixed assets 345,212,557.09 353,788,891.57
Construction in progress 611,259,958.68 495,409,362.19
Production physical assets
Oil & gas assets
Use right assets
Intangible assets 163,116,618.58 163,116,618.58
Development expenses
Goodwill
Long-germ expenses to be amortized
Deferred income tax asset 359,164,023.51 355,670,069.60
Other non-current asset
Total of non-current assets 7,066,601,330.73 6,367,778,958.99
Total of assets 13,483,234,635.72 12,424,792,547.90
Current liabilities
Short-term loans 150,000,000.00 150,136,986.30
Transactional financial liabilities
Derivative financial liabilities
Notes payable 6,955,000.00
Account payable 1,033,458,963.44 820,258,129.08
Advance receipts
Contract Liabilities 2,305,201,593.59 2,077,614,427.93
Employees’ wage payable 31,649,848.69 67,025,966.88
Tax payable 231,337,071.09 240,368,823.36
Other account payable 24,407,047.12 56,602,697.52
Including：Interest payable
Dividend payable
Liabilities held for sales
Non-current liability due within 1 year
Other current liability 297,140,485.41 267,804,499.76
Total of current liability 4,073,195,009.34 3,686,766,530.83
Non-current liabilities：
Long-term loan
Bond payable
Including：preferred stock
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Sustainable debt
Lease liability
Long-term payable 242,265,396.51 247,309,261.46
Long-term remuneration payable to staff
Expected liabilities
Deferred income 489,002,470.74 489,002,470.74
Deferred income tax liability 630,879,402.36 550,540,278.99
Other non-current liabilities
Total non-current liabilities 1,362,147,269.61 1,286,852,011.19
Total of liability 5,435,342,278.95 4,973,618,542.02
Owners’ equity
Share capital 754,010,400.00 754,010,400.00
Other equity instruments
Including：preferred stock
Sustainable debt
Capital reserves 138,953,250.09 138,953,250.09
Less：Shares in stock 144,078,948.09 144,078,948.09
Other comprehensive income 3,570,865,460.92 3,115,610,428.47
Special reserve 5,999,160.00 6,000,000.00
Surplus reserves 602,356,402.65 602,356,402.65
Retained profit 3,119,786,631.20 2,978,322,472.76
Total of owners’ equity 8,047,892,356.77 7,451,174,005.88
Total of liabilities and owners’ equity 13,483,234,635.72 12,424,792,547.90
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
3.Consolidated Income statement
In RMB
Items Amount in this period Amount in last period
I. Income from the key business 1,181,683,010.42 697,880,677.71
Including：Business income 1,181,683,010.42 697,880,677.71
Interest income
Insurance fee earned
Fee and commission received
II. Total business cost 1,079,570,139.19 668,730,034.90
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Including：Business cost 833,480,157.75 497,752,053.23
Interest expense
Fee and commission paid
Insurance discharge payment
Net claim amount paid
Net amount of withdrawal of insurance contract reserve
Insurance policy dividend paid
Reinsurance expenses
Business tax and surcharge 6,312,965.93 2,645,266.75
Sales expense 44,567,632.72 34,346,022.47
Administrative expense 105,282,132.67 93,411,017.96
R & D costs 90,335,141.71 56,516,306.48
Financial expenses -407,891.59 -15,940,631.99
Including：Interest expense 4,181,160.68 1,580,218.91
Interest income 2,499,467.59 9,135,193.29
Add：Other income 6,829,972.88 1,145,859.11
Investment gain（“-”for loss） 2,590,048.97 8,459,675.57
Including: investment gains from affiliates
Termination of recognition of gains on financial assets at
amortized cost
Gains from currency exchange
Net exposure hedging income
Changing income of fair value 29,579.62 -181,703.38
Loss of credit impairment -38,339,446.15 -67,522,022.57
Impairment losses on assets 17,857,537.80 8,271,633.42
Income on disposal of assets -15,801.22 93.53
III. Operating profit（“-”for loss） 91,064,763.13 -20,675,821.51
Add ：Non-operating income 117,895,269.00 2,574,929.01
Less: Non-operating expense 1,328,990.25 471,512.78
IV. Total profit(“-”for loss) 207,631,041.88 -18,572,405.28
Less：Income tax expenses 28,837,905.85 -3,704,587.63
V. Net profit 178,793,136.03 -14,867,817.65
(I) Classification by business continuity
1.Net continuing operating profit 178,793,136.03 -14,867,817.65
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Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
2.Termination of operating net profit
(II) Classification by ownership
Net profit attributable to the owners of parent company 161,578,759.88 -15,519,633.02
Minority shareholders’ equity 17,214,376.15 651,815.37
VI. Net after-tax of other comprehensive income 455,255,032.45 -337,397,130.65
Net of profit of other comprehensive income attributable to 455,255,032.45 -337,397,130.65
owners of the parent company.
（I）Other comprehensive income items that will not be
reclassified into gains/losses in the subsequent accounting 455,255,032.45 -337,397,130.65
period
1.Re-measurement of defined benefit plans of changes in ne
t debt or net assets
2.Other comprehensive income under the equity method inv
estee can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity
455,255,032.45 -337,397,130.65
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
Other comprehensive income that will be reclassified into p
rofit or loss.
1.Other comprehensive income under the equity method inv
estee can be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
obligations
3. Other comprehensive income arising from the
reclassification of financial assets
4. Allowance for credit impairments in investments in other
debt obligations
5. Reserve for cash flow hedges
6. Translation differences in currency financial statements
7.Other
Net of profit of other comprehensive income attributable to
Minority shareholders’ equity
VII. Total comprehensive income 634,048,168.48 -352,264,948.30
20
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Total comprehensive income attributable to the owner of
616,833,792.33 -352,916,763.67
the parent company
Total comprehensive income attributable minority
17,214,376.15 651,815.37
shareholders
VIII. Earnings per share
（I）Basic earnings per share 0.22 -0.02
(II)Diluted earnings per share 0.22 -0.02
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
4. Income statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I. Revenue 792,306,101.48 381,575,261.59
Including：Business cost 588,486,228.90 272,044,710.94
Business tax and surcharge 3,644,247.14 49,461.91
Sales expense 24,330,307.75 17,435,969.36
Administrative expense 65,121,246.11 62,846,838.80
R & D costs 56,491,417.21 29,007,289.61
Financial expenses -759,550.70 -16,108,074.86
Including：Interest expenses 3,201,470.55 374,762.69
Interest income 1,611,973.97 7,981,492.90
Add: Other income 6,276,414.76 705,304.79
Investment gain（“-”for loss） 7,320,170.10 5,542,842.72
Including: investment gains from affiliates
Termination of recognition of gains on financial assets at
amortized cost
Net exposure hedging income
Changing income of fair value 29,579.62 -181,703.38
Credit impairment loss
-34,583,018.55 -53,949,440.61
Impairment losses on assets
14,147,883.25 -186,961.16
Income on disposal of assets
II. Operating profit（“-”for loss） 48,183,234.25 -31,770,891.81
Add ：Non-operating income 113,220,369.28 1,727,413.57
21
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Less：Non -operating expenses 730,390.84 9,996.66
III. Total profit(“-”for loss) 160,673,212.69 -30,053,474.90
Less：Income tax expenses 20,086,465.62 -7,463,761.54
IV. Net profit 140,586,747.07 -22,589,713.36
1.Net continuing operating profit 140,586,747.07 -22,589,713.36
2.Termination of operating net profit
V. Net after-tax of other comprehensive income 455,255,032.45 -337,397,130.65
（I）Other comprehensive income items that will not be 455,255,032.45
reclassified into gains/losses in the subsequent accounting -337,397,130.65
period
1.Re-measurement of defined benefit plans of changes in ne
t debt or net assets
2.Other comprehensive income under the equity method inv
estee can not be reclassified into profit or loss.
3. Changes in the fair value of investments in other equity 455,255,032.45
-337,397,130.65
instruments
4. Changes in the fair value of the company’s credit risks
5.Other
（II）
Other comprehensive income that will be reclassified into p 0.00 0.00
rofit or loss.
1.Other comprehensive income under the equity method inv
estee can be reclassified into profit or loss.
2. Changes in the fair value of investments in other debt
obligations
3. Other comprehensive income arising from the
reclassification of financial assets
4. Allowance for credit impairments in investments in other
debt obligations
5. Reserve for cash flow hedges
6.
Translation differences in currency financial statements
7.Other
VI. Total comprehensive income 595,841,779.52 -359,986,844.01
VII. Earnings per share
（I）Basic earnings per share
(II)Diluted earnings per share
22
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
5. Consolidated Cash flow statement
In RMB
Items Amount in this period Amount in last period
I. Cash flows from operating activities
Cash received from sales of goods or rending of services 1,207,356,609.39 962,787,235.47
Net increase of customer deposits and capital kept for brother
company
Net increase of loans from central bank
Net increase of inter-bank loans from other financial bodies
Cash received against original insurance contract
Net cash received from reinsurance business
Net increase of client deposit and investment
Cash received from interest, commission charge and commission
Net increase of inter-bank fund received
Net increase of repurchasing business
Net cash received by agent in securities trading
Tax returned 2,516,702.85 2,676,245.08
Other cash received from business operation 38,220,159.61 10,525,101.21
Sub-total of cash inflow 1,248,093,471.85 975,988,581.76
Cash paid for purchasing of merchandise and services 634,144,505.61 541,449,493.98
Net increase of client trade and advance
Net increase of savings in central bank and brother company
Cash paid for original contract claim
Net increase for Outgoing call loan
Cash paid for interest, processing fee and commission
Cash paid for policy dividend
Cash paid to staffs or paid for staffs 228,362,698.22 193,951,569.18
Taxes paid 132,485,667.20 44,770,586.44
Other cash paid for business activities 95,553,252.34 45,694,916.35
Sub-total of cash outflow from business activities 1,090,546,123.37 825,866,565.95
Net cash generated from /used in operating activities 157,547,348.48 150,122,015.81
II. Cash flow generated by investing
23
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Cash received from investment retrieving 814,851.80 2,000,000.00
Cash received as investment gains 9,081,744.56 9,683,195.18
Net cash retrieved from disposal of fixed assets, intangible assets,
78,929.20 350.00
and other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received 1,137,000,539.97 507,900,509.18
Sub-total of cash inflow due to investment activities 1,146,976,065.53 519,584,054.36
Cash paid for construction of fixed assets, intangible assets and
112,848,475.23 80,717,650.76
other long-term assets
Cash paid as investment
Net increase of loan against pledge
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 1,814,572,000.00 539,000,552.21
Sub-total of cash outflow due to investment activities 1,927,420,475.23 619,718,202.97
Net cash flow generated by investment -780,444,409.70 -100,134,148.61
III.Cash flow generated by financing
Cash received as investment
Including: Cash received as investment from minor shareholders
Cash received as loans 8,800,000.00 29,000,000.00
Other financing –related cash received
Sub-total of cash inflow from financing activities 8,800,000.00 29,000,000.00
Cash to repay debts 27,800,000.00 39,100,000.00
Cash paid as dividend, profit, or interests 4,102,464.27 2,881,524.87
Including: Dividend and profit paid by subsidiaries to minor
shareholders
Other cash paid for financing activities 34,199,078.68
Sub-total of cash outflow due to financing activities 31,902,464.27 76,180,603.55
Net cash flow generated by financing -23,102,464.27 -47,180,603.55
IV. Influence of exchange rate alternation on cash and cash
673,277.88 7,091,142.29
equivalents
V.Net increase of cash and cash equivalents -645,326,247.61 9,898,405.94
Add: balance of cash and cash equivalents at the beginning of term 1,710,208,279.45 1,645,907,650.92
VI ..Balance of cash and cash equivalents at the end of term 1,064,882,031.84 1,655,806,056.86
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
24
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
6. Cash Flow Statement of the Parent Company
In RMB
Items Amount in this period Amount in last period
I.Cash flows from operating activities
Cash received from sales of goods or rending of services 825,282,281.72 466,896,608.99
Tax returned 2,194,465.42
Other cash received from business operation 2,775,380.52 7,997,213.27
Sub-total of cash inflow 830,252,127.66 474,893,822.26
Cash paid for purchasing of merchandise and services 367,637,475.49 208,704,697.39
Cash paid to staffs or paid for staffs 138,548,870.34 118,005,475.95
Taxes paid 88,732,111.54 3,627,254.82
Other cash paid for business activities 19,787,525.73 12,753,951.65
Sub-total of cash outflow from business activities 614,705,983.10 343,091,379.81
Net cash generated from /used in operating activities 215,546,144.56 131,802,442.45
II. Cash flow generated by investing
Cash received from investment retrieving
Cash received as investment gains 7,320,170.10 5,542,842.72
Net cash retrieved from disposal of fixed assets, intangible assets,
and other long-term assets
Net cash received from disposal of subsidiaries or other operational
units
Other investment-related cash received 710,000,000.00 180,000,000.00
Sub-total of cash inflow due to investment activities 717,320,170.10 185,542,842.72
Cash paid for construction of fixed assets, intangible assets and
76,757,035.36 33,304,923.11
other long-term assets
Cash paid as investment 52,460,000.00
Net cash received from subsidiaries and other operational units
Other cash paid for investment activities 1,197,572,000.00 195,000,000.00
Sub-total of cash outflow due to investment activities 1,326,789,035.36 228,304,923.11
Net cash flow generated by investment -609,468,865.26 -42,762,080.39
III. Cash flow generated by financing
Cash received as investment
Cash received as loans
25
Hangzhou Steam Turbine Co., Ltd. The First Quarterly Report 2021(Full text)
Other financing –related ash received
Sub-total of cash inflow from financing activities
Cash to repay debts
Cash paid as dividend, profit, or interests 3,338,456.85 374,762.69
Other cash paid for financing activities 34,199,078.68
Sub-total of cash outflow due to financing activities 3,338,456.85 34,573,841.37
Net cash flow generated by financing -3,338,456.85 -34,573,841.37
IV. Influence of exchange rate alternation on cash and cash
582,844.25 6,963,055.27
equivalents
V.Net increase of cash and cash equivalents -396,678,333.30 61,429,575.96
Add: balance of cash and cash equivalents at the beginning of term 1,023,812,557.30 967,501,994.48
VI ..Balance of cash and cash equivalents at the end of term 627,134,224.00 1,028,931,570.44
Legal Representative: Zheng Bin Person in charge of accounting：Zhao Jiamao Accounting Dept Leader: Jin Can
II Adjustments to the Financial Statements
1. Adjustment of the relevant items of the financial statements at the current year beginning according to
the new standards for financial instruments, the new standards for revenues and the new standards for
lease implemented commencing from year 2021
□ Applicable √ Not applicable
2. Note to the retroactive adjustment of the previous comparative data according to the new standards for
financial instruments and the new standards for lease implemented commencing from year 2021
□ Applicable √ Not applicable
III. Auditors’ Report
Is the First Quarterly Report be audited?
□ Yes √No
The First Quarterly report is not audited.
Hangzhou Steam Turbine Co., Ltd.
Chairman of the Board: Zheng Bin
April 27,2021
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